ATTN. Parents: Hide Your Credit Cards
Gasoline is the top item teens buy on credit, surpassing clothes, which had been No. 1 in previous years, according to a new survey.
A poll from Junior Achievement and The Allstate Foundation shows that 68.6% of teens are using credit cards to buy gas, up from 51.9% in 2007 and 45.9% in 2006.
The 2008 poll found that 10.4% of teens use a credit card now, up from 8.5% last year.
In addition, the number of teens reporting their credit card bill is paid by parents increased rose to 13% from 11% last year -- "indicating that many teens are not learning for themselves the importance of paying bills on-time, and other sound financial practices," the survey said.